FIRSTBANK LEADER INNOVATION IN ELECTRONIC BANKING FOR THE FINTECH 5.0 SUMMIT

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As a client-centric institution and leader in the Nigerian financial services industry charged with the responsibility of ensuring financial inclusion for all, First Bank Nigeria Limited has over time produced several outstanding online banking products and has championed the discourse on how to bridge the gap between financial service providers and the FinTech industry through its annual FinTech Summit.

This has become imperative given the level of disruption in the financial services industry by FinTech startups through open data, artificial intelligence, cloud technology, and other emerging technologies. Therefore, more than ever, collaboration between traditional financial service providers, their regulators and stakeholders, experts and major players in the FinTech industry is now needed to seize the opportunities that technology offers these financial institutions to better serve their clients and ensure financial inclusion. for everyone.

To this end, the Central Bank of Nigeria (CBN) earlier this year published a regulatory framework that would encourage Open Banking in the country. This is about enabling third-party entities to access data and information from traditional financial institutions to create products that would improve the financial inclusion of the unbanked in the country. It is on the basis of this development that the theme of this year’s FirstBank FinTech Summit “Open Banking and its derived opportunities for the financial ecosystem”, was born.

The FirstBank FinTech Summit 5.0 is scheduled to be held on Thursday, October 7, 2021 at 10 a.m. (WAT). Due to COVID-19 restrictions, the event will take place virtually via zoom. Interested participants can register to attend the event here https://firstbanknigeria.zoom.us/webinar/register/WN_28xoWNUKToGd1NvknIAdog

On average, around 1,000 participants attend the FirstBank FinTech physical summit in Lagos, Nigeria. However, last year’s COVID-19-inspired virtual event saw an attendance of more than 6,000 attendees from 52 countries around the world with an internationally renowned Silicon Valley investor as the keynote speaker.

The summit will be discussed by experts, industry stakeholders, key players, political influencers and regulators from the Nigerian financial, banking and tech space.

Professor Ndubuisi Ekekwe, Head of Faculty of the Tekedia Institute and PhD, leads the discussion as the keynote speaker. in Engineering from Johns Hopkins University, USA. He will be joined by other panelists; Ankit sharma, Director at Strategy &, part of the PwC network, based in Mexico; Ope Adeoye, CEO (Chief Plumber) at One Pipe; Aminu Maida, Executive Director, Technology and Operations in Nigeria Inter-Bank Settlement System Plc (NIBSS); Musa Jimoh, Deputy Director, CBN Payment Systems; and Olayinka Situ, Head of Business Transformation, FirstBank.

It is worth mentioning the many innovative products and exploits of FirstBank’s online banking which, over the years, have been an integral part of promoting financial inclusion while influencing and magnifying the opportunities of Open Banking.

First is the First Bank Firstmonie agent bank with a network of over 130,000 agents (the largest bank-led agent network in Africa) in 772 of the 774 local government areas in Nigeria. This is in addition to more than 750 physical branches and more than 2,600 ATMs across the country. This network of mobile money agents has completed more than 750 million transactions worth 15 trillion naira (approximately $ 30 billion) processed since its inception to date. On top of that, in December 2015 and May 2016, FirstBank was recognized by Interswitch as the first financial institution in Nigeria to complete 100 million monthly supported electronic payment transactions.

On a number of firsts: In 2011, FirstBank launched the first cash deposit ATM in Nigeria. It is also the first bank in Nigeria and the second in Africa to issue more than 10 million ATM cards to its customers. FirstBank was also one of the first banks to launch the WhatsApp banking channel, theirs being the most secure in Nigeria.

The official mobile banking app, FirstMobile, onboarded over 4.5 million people with an average of 27,730,830 transactions each month. In 2020, FirstMobile won the award for the best mobile banking app in 2020 and 2019, the best mobile banking app by Global Business Outlook.

At the height of the COVID-19 pandemic, First Bank launched Africa’s first FastTrack ATM, designed to allow ATM transactions without physically interacting with the machine. It allows users to use their mobile phones to perform the steps necessary for the implementation of the ATM through the USSD or First Bank mobile banking option. After scheduling, the customer then goes to the FastTrack ATM to complete the transaction by clicking on a near field communication contactless card on the machine to get their money. This innovation allows First bank customers to make quick cash withdrawals while remaining COVID compliant.

In addition, the FirstOnline online banking platform, which provides customers with unlimited and secure access to their First Bank accounts through any internet-connected device, had 597,466 customers in June 2021, a growth rate of 17 % compared to 2020 and 578,292 transactions per month for an average value of 388 billion per month.

These online banking products are in addition to the already existing mobile and USSD banking option with over 12 million people on its fast banking service using the popular bank code * 894 #. The bank also has its user-friendly mobile wallet called Firstmonie Wallet which has the customer’s phone number serving as the account number.

It was only recently that FirstBank launched a new mobile banking app, called the LIT app, which is not just about paying bills, transferring funds or recharging airtime, but an app with several more. interesting features that reiterate the Bank’s desire to continually extend its digital architecture in order to modernize. its interaction with customers, wherever they are in the world.

First Bank of Nigeria Limited is a leading provider of financial inclusion services in Nigeria with over 127 years of banking experience and over 30 million customer accounts providing a full range of retail and corporate financial services. .

The Bank has an international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, Gambia, Guinea, Sierra Leone and Senegal, as well as a representative office in Beijing.

Over the years, it has won several awards, including: Most Valuable Banking Brand in Nigeria (2011-2016), by the Financial Times Group’s world-renowned magazine The Banker; Best Retail Bank in Nigeria (2011 – 2017), by Asian Banker International Excellence in Retail Financial Services Awards and Best Bank in Nigeria by Global Finance for 15 years.

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